When we read, hear or talk about wellbeing the focus is more often than not on the two most common types, physical and mental wellbeing. These two areas are in the spotlight, and many employers are switched on to how they can support staff to achieve and maintain positive physical and mental wellbeing through a range of initiatives and interventions. Less time and attention are given though to two other important areas of wellbeing which are social wellbeing and financial wellbeing.
What is social wellbeing?
Definitions of social wellbeing vary slightly but essentially, they centre around the ability to create, develop and sustain meaningful relationships and connections with other people in order to generate a network of care and support which gives someone a sense of belonging and prevents loneliness and isolation. Although you may have not considered it before, work has a big part to play in social wellbeing. We spend a large chunk of our time at work each week and the connections we make via work are crucial for our social wellbeing. Employers can help to facilitate opportunities to improve social wellbeing with some easy steps. Having a space to relax away from a desk, workstation or shop floor is important as it gives staff a chance to get a drink, chat and connect, staff might also get to meet colleagues who they ordinarily wouldn’t interact with as well so that they can build connections beyond their own team. Team days, team building and team socials are also great ways for staff to interact and form relationships in a setting which is often more relaxed and informal than the normal workplace. Employers have also improved social wellbeing by creating groups where staff with shared interests can come together either at lunchtime or after work, this could be anything from running to knitting, or a staff choir to a staff netball team, if it helps to bring people together then it’s a big step in the right direction. Furthermore, when effective social wellbeing is established, it also helps to lay the foundations for improved collaboration between colleagues and for more positive mental wellbeing overall.
What is financial wellbeing?
Financial wellbeing is an equally interesting and currently hugely relevant subject. Some would say that simply having a job and therefore an income, should mean that financial wellbeing is taken care of, unfortunately it isn’t as straightforward as that and money and financial worries cause huge stress, something that many people are experiencing due to the cost of living crisis. These issues create anxiety and consequently poor mental health for many people regardless of their employment status and level of income. On a very basic level financial wellbeing is about a sense of security and having sufficient money to meet our needs so that we feel in control and have choices. Financial wellbeing can be directly correlated with the first two stages of Maslow’s Hierarchy of Needs in which food, shelter and clothing are among the basics. If our financial wellbeing helps us to meet those needs, then we are moving in the right direction. In the CIPD’s Reward Management Survey 2022, 90% of workers said that earning enough to allow them and their family/loved ones to enjoy a reasonable and dignified lifestyle was important to their financial wellbeing, however only 81% of employers regularly review their pay structures. Whilst there is growing recognition of the importance of financial wellbeing among employers and the role they can play to support staff more could be done. Beyond wages, employers can also help increase financial wellbeing through other methods. Many employees aren’t aware of all the benefits available to them and how to access them and it is important for employers to develop this awareness and promote benefits better so that employees can get the most out of them. Financial education is essential, employers can signpost staff to a wide range of free, confidential, independent support available via various government funded programmes. Alternatively, they can facilitate education in the workplace through a financial wellbeing strategy that may include access to free financial advice sessions, support from a credit union, debt advice, retirement planning courses or a free will via a local solicitor. Employers should also engage with staff to find out what benefits appeal to them and what support they need so that they can optimise any measures that are put in place around financial wellbeing. There is no value in benefits as a tick box exercise and in fact employers are often wasting time and money on benefits that their staff neither use nor want.
By having a wider focus which incorporates social and financial wellbeing, employers can continue to support their staff and build engagement with them. Mental, physical, social and financial wellbeing are interwoven with each other and the more support that there is available for employees, the more likely they are to be present in work, be happy and be productive and that can only be positive for everyone concerned.
Do you have questions about wellbeing?
Give us a call at CUBE HR on 01282 678321, we’ll be happy to advise you and we have policies and templates available to meet every HR need.
Why not check out our blog on a similar topic Workplace Wellbeing.
We also have a YouTube channel with loads of handy videos.
